The global cryptocurrency market cap lost more than $350 billion overnight until Wednesday, when Bitcoin (BTC), Ether (ETH) and a significant portion of the altcoin market lost 15% to 30%.
A heavy Tuesday night left the global market valued at more than $750 billion worse than it was last week. This number represents 30% of the peak of $2.5 trillion that the total market value reached a week ago, on May 12.
Bitcoin lost 15% in one day as the coin’s price fell from $45,632 to $38,787 in a matter of hours. Thus, the weekly loss of the coin exceeds 32%. The only time Bitcoin lost so much in such a short time was at the end of 2017, when BTC’s bullish gains were abruptly halted at that time.
Ether lost more than 19% on the day, dropping from $3,562 to $2,881, adding 33.8% to its weekly loss.
Other altcoins, especially those that won recently, have seen more serious reversals. The Internet Computer (ICP) lost 32% in the past 24 hours, leading to weekly losses of over 61% and dropping the coin from the top 10 market cap after suddenly appearing there less than a month ago.
Other coins that hit record highs last week suffered similar losses from the ICP. Nexo lost 30% of its market value last night, down 43% for the week.
Shiba Inu (SHIB) stock lost 29% on the day, adding 66% to its weekly losses. Shiba Inu’s sharp reversal is expected in the wake of Crazy Bark, which has seen the Dogecoin Simulator (DOGE)’s perceived value increase by more than 2,000,000 since the beginning of the year.
Bitcoin flow to large central exchanges has surged in the past 24 hours. More coins have been sent into circulation than at any time since the Black Thursday crash in 2020 — a fact that led Lex Moskovsky, chief investment officer at Moskovsky Capital, to the conclusion: “People are scared.”